Thomas Cook Group: Do Insiders or Outsiders Make Better CEOs?
商品編號：W25320
出版日期：2021/12/22
再版日期：
商品來源：
商品主題：General Management/Strategy; Strategy
商品類型：Case (Pub Mat)
涵蓋議題：CEO succession;succession;strategic leadership;organizational leadership;corporate governance;turnaround strategy;bankruptcy
難易度：4 - Undergraduate/MBA
內容長度：15 頁
地域：United Kingdom
產業：Accommodation & Food Services;
事件年度：2019
In September 2019, Thomas Cook Group Plc (Thomas Cook), an iconic 178-year-old travel company based in London, United Kingdom, ceased its business after a failed negotiation to fund its huge debt of ￡1.7 billion (US$2.25 billion). The collapse caused about 9,000 employees in the United Kingdom to lose their jobs and made it necessary to repatriate about 150,000 holiday travellers. The company had experienced several profit warnings during the tenure of Chief Executive Officer (CEO) Manny Fontenla-Novoa, who was replaced as CEO by Harriet Green, an outsider, in 2012. Between 2012 and 2014, the company’s share price rose from historic lows of about ￡14 to ￡130. However, the board unexpectedly asked Green to leave the company before completing her turnaround strategy and appointed Peter Fankhauser, an insider, as the new CEO, calling the departure a “hand-over from a turnaround specialist to a travel expert.” Despite his efforts, Fankhauser also failed to revive Thomas Cook. Who or what led to the collapse of Thomas Cook? Among the three CEOs, who should be held responsible, and on what grounds?
教學手冊：W25321;
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